Tap into consumer feedback to identify gaps
Customer preference drives demand trends, and in the face of COVID-19, it is imperative to use crowd wisdom in order to remain competitive. In the digital age, consumer feedback is highly available if you know where to look. Hashtags on Twitter identify trending consumer needs and provide businesses the means to identify potential opportunities to grow their product options. On the flip side, Twitter allows brands to pay to promote relevant hashtags, driving them to the top of trending topic news feeds and leading to brand and product exposure.
With People on Twitter are 53% more likely to be the first to buy new products. There is no denying the influence of the social media platform on purchasing practices. Similarly, Google can be reflective of growing trends based on consumer web searches. Producers can use this information to transform their products, services, platforms, and marketing strategies to align with the current market needs. This can potentially be paired with incorporating trending keywords in company blog posts and articles in order to increase overall views and search esults.
source: shutterstock
Forcast changes in demand
The ability to understand seasonal and yearly fluctuations in demand is not a new concept and the current pandemic has only heightened the need for predictive analysis. This begins with a strong and versatile business model. According to research firm Gartner, 75% of businesses working with the Internet of Things (IOT) are looking to digital twins to provide them with this growing necessity. Digital twin software creates a customized simulated copy of the intricate processes in a business platform. On an atomic level, It uses data from the critical procedures within a business and fine-tunes them for efficiency and efficacy and provides lifelike software displaying the products and services offered. On the abstraction level, it pairs the models with supply chain statistics to help predict shifts in supply and demand. Once the model is in place, businesses are more equipped to respond to otherwise costly and sometimes crippling shortages such as the optimal avenue to supplementing a vital component of production.
source: SAP
Reducing cost fluctuations by optimizing sourcing and logistics activities
As the effects of COVID-19 set in on local and global economies, pressures emerge for businesses to optimize advertising mechanisms. Supply-path Optimization (SPO) becomes increasingly popular due to the transparency and options it provides across the board. The growing industry is projected to reach $147 billion in spending by 2021. The business as usual approach entails multiple bids, purchases, and trades on the supply-side platform (SSP), and ends in only a handful of SSP publishers providing options to the demand side advertisers. SPO optimizes the route from the supply side to demand by limiting backchannel SSP interactions, replacing the previously convoluted processes with multiple options for the demand side. Supply path optimization changes the dynamic of the publisher to advertiser relationships completely, resulting in clear options for the demand-side platform, primarily based on price and content. SSPs also benefit from this practice as it simplifies the process and creates space for more SSPs involvement in final sales. The final product is a transparent and organized platform and reduced costs on the server, strengthening relations and pursestrings for everyone involved.